2 minutes

A Notice of Statement of Affairs refers to a document that provides a detailed account of the company’s financial position, assets, liabilities, and other relevant information at the time of entering administration.

When a company enters administration, an insolvency practitioner is appointed as the administrator to oversee the company’s affairs and investigate its financial situation. As part of this process, the administrator prepares a Statement of Affairs, which is a comprehensive report outlining the company’s financial status.

The Notice of Statement of Affairs is a notification to creditors, shareholders, and other interested parties that the Statement of Affairs has been prepared and is available for review. It is usually accompanied by a copy of the Statement of Affairs itself.

The Statement of Affairs contains essential information about the company’s assets, such as property, equipment, inventory, and investments, as well as details of any encumbrances or charges on those assets. It also lists the company’s liabilities, including outstanding debts, loans, and obligations to creditors.

In addition to the financial information, the Statement of Affairs may include other relevant details such as the company’s trading history, outstanding legal proceedings, employee information, and any anticipated sources of funds that may be available for distribution to creditors.

The Notice of Statement of Affairs allows creditors and other stakeholders to assess the company’s financial position, understand the extent of its liabilities, and make informed decisions regarding their claims or involvement in the administration process. It provides transparency and assists in the fair distribution of assets to creditors in accordance with the administration process.

Creditors and interested parties should review the Notice of Statement of Affairs and the accompanying Statement of Affairs document to gather relevant information and consider their rights and options in relation to the administration proceedings.

These notices are filed with Companies House against the registered company number. All UK company liquidation notices and updates are tracked centrally by Doorda.